Luxury condos sell like hotcakes during Olympics

Somehow I don’t think this piece of news, sent out over the news-release wires this morning, is going to make most people feel that great about the Games. Their worst nightmare, actually.

Vancouver real estate developer strikes gold

$46.76 million sold during Olympics: $31.8 million to Olympic visitors
With the 2010 Winter Olympic Games now over, one of their most notable legacies will be a massive boon to Vancouver’s luxury real estate market.

Between the Opening Ceremonies on Feb. 12 and the Closing Ceremonies on Feb. 28, Aspac Developments sold seven suites at its luxury towers at UBC (The Wesbrook) and Coal Harbour (Three Harbour Green) for a total of $46.76 million. Three of those suites, including Three Harbour Green’s $22.3 million-penthouse, were sold to visitors specifically in town for the 2010 Winter Games.

“The Olympics were instrumental in putting our properties, especially our Three Harbour Green tower next to the International Broadcast Centre, on the world stage,” says George Wong, principal of Magnum Projects (Marketers for Aspac). “The weather really showcased Vancouver’s natural beauty and the Games brought an international flair and level of excitement to our city that, coupled with everything else we have to offer, made Vancouver extremely attractive. Add to that the affordability of luxury real estate here, compared to other world cities, and Three Harbour Green’s downtown waterfront location was an irresistible choice for our buyers.”